Presented below is information related to equipment owned by Pujols Company at December 31, 2012.

Cost		$9,000,000
Accumulated depreciation to date		1,000,000
Expected future net cash flows		7,000,000
Fair value		4,400,000

Assume that Pujols will continue to use this asset in the future. As of December 31, 2012, the equipment has a remaining useful life of 4 years.

(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2012. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(b) Prepare the journal entry to record depreciation expense for 2013 using straight-line method. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(c) The fair value of the equipment at December 31, 2013, is $5,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)